Robert J. Fedor, Esq., L.L.C.
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Tax Law Blog

April 15 is not the only deadline taxpayers need to worry about

Tax season is in full swing. Many taxpayers in Ohio have already filed their state and federal income tax returns. For those who have not, the April 15 deadline is approaching quickly. The tax code is not a body of law easily deciphered, which is why many people seek the assistance of tax professionals to help them file.

True to the complicated nature of the code, April 15 is not the only deadline with which taxpayers need to concern themselves. We will highlight in this post a couple other notable dates.

Small businesses and owners frequently targeted by IRS

Small business owners often make many financial and personal sacrifices to ensure for the growth of their business. Starting a business is a complicated process and requires that an individual is not only knowledgeable about their specific market, products and services, but also about financial matters.

For small business owners who learn their company is the subject of an IRS audit, the process can be nerve wrecking. This is often especially true of companies that rely largely upon independent contractors to complete work or deal primarily in cash. In addition to reviewing a business' financial records and tax documents, a small business owner should also expect to have their personal financial and tax information scrutinized by IRS agents.

What happens if I can't repay my tax debt?

Individuals who fail to file or pay their taxes may do so for a number of reasons. For many, fear is a motivating factor. An individual may know that he or she simply isn't able to pay their tax debt. Afraid of the potential consequences that may result from filing one's taxes and not being able to pay the IRS tax bill, some individuals may cling to the hope that the IRS will somehow forget both they, and their tax debt, exists.

New Jersey reality stars headed to prison

Bravo's "Real Housewives" reality series has proven to be very lucrative for the network as the series has several casts in numerous cities and states. The New Jersey edition of the Housewives series has undoubtedly been one of the most conflict-ridden and therefore lucrative for the network.

Recently, the real life legal troubles of one New Jersey cast mate took center stage over any of the dramas playing out before cameras as Teresa Giudice and her husband Giuseppe, better known to viewers as Joe, were sentenced to serve time in federal prison.

Government report recommends changes to IRS' W-2 verification practices

Ohio residents who have filed an income tax refund, likely recall including information from and a copy of one or more W-2 forms. A W-2 is issued by an individual's employer and includes information related to an individual's gross income earnings and tax deductions. This information is crucial in determining how much a taxpayer owes in taxes. Likewise, W-2 information is also needed to assess whether a taxpayer is eligible to receive an IRS tax refund.

Tips for delinquent tax filers

Every year as the April 15 deadline to file income tax returns approaches, business owners and individuals alike scramble to ensure they have the documents they need and have correctly completed related tax forms. What happens, however, if an individual simply allows the dreaded tax deadline to pass without filing a return or taking action to request a filing extension?

Governments take action to shut down foreign tax loopholes and shelters

Many people, particularly those with considerable amounts of wealth, rely upon the expertise of financial advisors and tax professionals when figuring out how to make and retain money. In years past, many Americans and citizens of other countries took advantage of potential tax shelters and loopholes associated with foreign accounts. Today, with the enaction of FATCA, the U.S. has largely cracked down on these practices. However, other methods to secure assets and possibly avoid paying taxes still exist.

The IRS's Criminal Investigations unit was busy in 2013

The federal government is not forgiving of individuals or businesses it believes have committed tax crimes or are attempting to avoid paying taxes. All U.S. businesses and citizens, as well as some non-U.S. businesses and citizens, are required to pay taxes on all earned income. In cases where the IRS suspects an individual or business is engaging in activities related to tax evasion, money-laundering or tax fraud; a special division of the IRS known as the Criminal Investigations unit becomes involved.

The CI unit is comprised of approximately 3,700 IRS agents who specialize in investigating suspected cases related to activities that violate IRS tax codes. Within the CI unit, there are three programs that focus on different types of criminal activities related to tax crimes, financial crimes and drug and counterterrorism financial crimes.

Former reality star finds self in a tough "situation" with the IRS

Ohio residents were first introduced to the MTV television series Jersey Shore in 2009. Since that time, the antics of the television show's cast members on and off camera have been the subject of many news stories and legal cases.

While a cast member on the show, Mike Sorrentino, who went by his nickname the Situation, was best known for perpetuating the stereotypical image of a New Jersey Italian-American male and flashing his abs. Off camera, Sorrentino took steps to capitalize on his new-found fame by starting two companies with his brother Marc and pursuing other promotional and endorsement opportunities.

Expatriates negatively impacted by FATCA

Expatriates negatively impacted by FATCA

Since its enaction in 2010, there's been much discussion about the Foreign Account Tax Compliance Act and its effect on both foreign financial institutions and U.S. citizens with foreign assets. Under the provisions of FATCA, U.S. citizens with foreign-held assets in excess of $50,000 are required to provide detailed information related to those accounts and assets. In addition to self-reporting guidelines, FATCA requires foreign governments and financial institutions to also provide information related to identified individuals and assets.

While the U.S. federal government is quick to defend FATCA, citing the need to crackdown on tax evasion by foreign account holders, a recent report by the nonprofit Democrats Abroad details some of the negative and likely unforeseen consequences of FATCA for expatriates.